How much money does travel cost these days? It is a question that many people struggle with. Traveling can be expensive, but there are ways to travel for less and still have an amazing time abroad.
To travel the world takes at least $20,000. This is the lowest amount one should save to prepare for any unforeseen costs. Traveling the world is an expensive undertaking, but it is well worth every penny spent.
In this blog post, we will discuss how to travel the world on a budget so you can do more of what you enjoy without worrying about your finances. Read on to learn about what the cost of travel is like from region to region and much more!
Table of Contents
How Much Money Is Needed to Travel the World?
When people talk about traveling, they rarely mean an around-the-world trip. Just like the novel and film “Around the World in 80 Days,” people have been striving for centuries to see all the wonders of the world in their lifetime.
To travel the world, it is wise to save at least $20,000. Sometimes it can even cost over $30,000 for a single person to see the entire world. These costs, while necessary, can be a daunting number to many people. Oftentimes the highest expenses are airfare, lodging, and transportation.
That is where our post comes into play. We will help you travel the world and not break the bank. Keep reading to learn exactly where your money goes for traveling the world and see how you can do it too!
How Much Does It Cost Per Day to Travel the World?
If you decide to travel the world, you should budget about $50 to $60 per day to live on. Using a daily budget works for short-term trips, especially if you do not plan to stay in one country for a long time.
The allocated $50 to $60 amount of daily money should go towards the following things:
- Daily travel costs
- Hotels or other nightly accommodations
- Food and drinks
- Daily activities and sightseeing
Keep in mind that this number is a rough estimate of the cost to travel the world by day. If you plan on staying longer than 30 days abroad, it will be less expensive per day but more expensive in the long run. This amount includes everything from travel expenses such as gas or bus fare to living necessities like beds at hostels or hotel rooms.
Keep in mind also that while you do not necessarily use travel insurance and visas daily, it can be an expense that you need to factor into your daily budget.
How Long Is a World Tour?
A world tour will vary from person to person, but most of the time, people go away for months at a time. The average world tour is about three to six months. However, some people will do a world tour in two weeks, and others like to take their time and will travel the world for a year.
You can plan about one week per country. This gives you enough time to see the sites and enjoy yourself. The best part about curating your trip around the world means you can take more time at places you enjoy and skip out on countries that do not call you.
This travel style is not for everyone. Some people prefer to travel fast and see many different countries in a short period. It will depend on how leisurely you want to take your around the world tour. You might be intrested in reading top cruise ships to get nice ocean travel experiance!
Where Can I Find Information On Which Countries It's Safe To Travel To?
You can find information on countries that are safe for travel by heading to the United States State Department. This department is known for keeping up-to-date information on countries all around the world.
The following is a list of things you can find on their website:
- Travel advisories
- Travel alerts
- Travel warnings
In addition to this information, you can find a list of countries that have been issued travel bans due to health concerns or civil unrest, and wars. This is helpful if you are planning on traveling for an extended period as it will help you plan regarding the country’s climate and safety conditions.
However, there are still other travel options even if a country has been banned from travel by citizens from another nation such as Australia or Canada.
You could also use a service like a cruise line, which allows travelers to take luxury cruise ships around all areas not allowed through air travel but only accessible via boat, thus allowing world cruises without having to go into these restricted countries at all!
How Do I Start to Travel The World?
You simply start saving, and you can begin traveling the world as soon as you want! The biggest barrier to travel is money. Once you have enough money to buy your first plane ticket, you are ready to travel the world.
Discover essential insights for your nomadic lifestyle within the comprehensive guide on Things You Didn’t Know You Needed as a Digital Nomad.
Get Your Vaccinations
Another thing to do is to get vaccinated. Depending on the countries you choose to travel to, you may need to get your vaccines updated. This is a quick process, but it can be draining as vaccinations impact everyone’s bodies differently.
The great thing about travel is that you can do it whenever you are ready. You simply start saving, and you can begin traveling the world as soon as you want! The biggest barrier to travel is money. Once you have enough money to buy your first plane ticket, you are ready to go!
Prep Your Visa Application and Apply
It is time to prep for a visa if you plan to stay in one country for an extended period. A visa is essential for travel as it allows you to travel through a country legally. You may not need it for all trips, but it is better to be protected than wind up with new and unnecessary challenges.
The best thing about having a visa is the protection it gives you. A visa gives you direct permission to visit from the country you plan to travel to. This means you can travel freely.
The visa process varies from country to country, so you must research what documents are needed for your specific destination. You will need all of the following to apply for a visa:
- A valid passport
- Proof of travel such as plane tickets
- An itinerary or travel plans
- Hotel bookings
- Any other documentation depending on the travel requirements
The act of getting a visa can take some time, but once you have everything ready, then all there is left to do after this point is enjoy!
Do Your Research Before Travelling
Researching before traveling allows one to prepare themselves properly and make sure they know how much money they require for their trip, where they should stay, and what items or equipment would be best suited for them during the trip.
You should never travel anywhere without a plan. And if you are traveling alone, this is even more necessary. When traveling in a group, you have the security of others looking out for you on the day-to-day adventures. Flight costs will be one important factor while travelling, we have a guide to know why Flying Is So Expensive in the US.
If you decide to travel alone, make sure to share your specific travel plans with friends and family. Ask them to check up on you from time to time throughout your world tour.
Buy Travel Insurance
Finally, buy travel insurance for your around the world trip. You want to be covered in the case of any mishaps or unforeseen circumstances. You may not think you need travel insurance until it is too late. Check out our comprehensive guide on the best travel insurance companies to find the one that suits your needs.
Start sooner rather than later and find a policy that fits your needs and your budget. The following are some places you can look for travel insurance:
- Square Mouth
- Insure My Trip
- Travel Insurance Dot Com
- Insuby
- AArdy
Once you have travel insurance, it’s time to book your flight and get ready for all of the fun ahead! You can also plan out some travel activities while waiting for departure day.
Where Should I Get Money?
Now it’s time to talk about where all your money will come from! There are a few different ways you can afford to travel the world on a budget. You can work remotely to support yourself from anywhere. Generally, remote positions require you to have a stable internet connection and decent cell service.
There are many ways to save money before you start traveling around the globe. The following are all resources and positions you can look to fill once you settle on where you are going first:
- Scholarships
- Grants
- Working while traveling
- House sitting
- Becoming an au pair(a paid nanny)
- Teaching English online or abroad
This makes remote work great for those who want to travel the world because it allows them to do the things they want while being able to save and spend as needed without the fear of running out of funds.
Know How to Budget Your Money
In addition, it is important to know how much money you’ll spend each day when trying to travel around the world because this will help guide any decisions along your journey. It helps to break down what exactly travel costs include and create a budget for yourself.
Your budget should have line items including, but not limited to, the following:
- Accommodation costs (hotel or hostels)
- Emergency funds (more than $1,000, to be safe)
- Entertainment like concerts, shows, tours, and more
- Transportation costs
- Travel costs, such as tickets and other transport
- Travel money exchange fees (if necessary)
Your budget should be categorized by the day because this will allow your travel plans to be much more flexible if any issues arise while traveling abroad. Hopefully, by having a budget and planning for emergencies, you will be as financially prepared as you can be.
Now traveling and saving at the same time can be difficult for some people. That is because travel costs can easily add up before you’ve even settled your travel plans. One way to help prevent this is by having a travel fund and tracking how much money you make while working or what expenses come out of it.
In Summary: You Need $20,000+ to Travel the World
When you travel the world, you need to be ready to travel on a budget. To travel the world, you need basic items such as clothes and shoes that are comfortable for walking or hiking long distances.
Do not forget that expenses will add up fast and before you know it, you will have hit your daily limit. Keeping a strict budget is what will get you around the world without any headaches.